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\begin{tabular}{lcccccccccccc} \hline
 & (1) & (2) & (3) & (4) & (5) & (6) & (7) & (8) & (9) & (10) & (11) & (12) \\
 &  &  &  &  & Construction & Construction & Research & Research &  &  &  &  \\
VARIABLES & delay\_end & delay\_end & Private cofinancing & Private cofinancing & transport & transport & education & education & Created 2y before call & Created 2y before call & BoD from mafia area & BoD from mafia area \\ \hline
 &  &  &  &  &  &  &  &  &  &  &  &  \\
justbelow\_orjustabove = 1 & -0.0562 & -0.0657 & 0.0713 & 0.201*** & 0.0601 & 0.00164 & -0.136** & 0.0476 & -0.0572 & -0.0640* & -0.118 & -0.121 \\
 & (0.0706) & (0.0630) & (0.0598) & (0.0648) & (0.0660) & (0.0617) & (0.0667) & (0.0675) & (0.0444) & (0.0370) & (0.101) & (0.0869) \\
new\_law = 1, After 2013 Law &  & -0.0546 &  & 0.0341 &  & 0.0144 &  & 0.0773 &  & -0.0740* &  & 0.0356 \\
 &  & (0.0717) &  & (0.0738) &  & (0.0703) &  & (0.0769) &  & (0.0422) &  & (0.0946) \\
1.justbelow\_orjustabove\#1.new\_law & 0.0405 & 0.305*** & -0.198* & -0.591*** & 0.150 & 0.506*** & 0.0332 & -0.397*** & 0.0502 & 0.116* & 0.303* & 0.318** \\
 & (0.128) & (0.104) & (0.108) & (0.107) & (0.120) & (0.102) & (0.121) & (0.111) & (0.0804) & (0.0612) & (0.181) & (0.138) \\
Constant & 0.330*** & 0.272*** & 0.585*** & 0.640*** & 0.372*** & 0.268*** & 0.406*** & 0.444*** & 0.0903*** & 0.0958*** & 0.450*** & 0.384*** \\
 & (0.0452) & (0.0278) & (0.0383) & (0.0286) & (0.0423) & (0.0272) & (0.0428) & (0.0297) & (0.0193) & (0.0163) & (0.0632) & (0.0370) \\
 &  &  &  &  &  &  &  &  &  &  &  &  \\
Observations & 408 & 451 & 408 & 451 & 408 & 451 & 408 & 451 & 408 & 451 & 257 & 301 \\
R-squared & 0.292 & 0.033 & 0.571 & 0.115 & 0.472 & 0.172 & 0.468 & 0.054 & 0.237 & 0.011 & 0.391 & 0.048 \\
City FE & Yes & No & Yes & No & Yes & No & Yes & No & Yes & No & Yes & No \\
Institution Type FE & Yes & No & Yes & No & Yes & No & Yes & No & Yes & No & Yes & No \\
Year FE & Yes & No & Yes & No & Yes & No & Yes & No & Yes & No & Yes & No \\
 Years of Activity & Yes & No & Yes & No & Yes & No & Yes & No & Yes & No & Yes & No \\ \hline
\multicolumn{13}{c}{ Standard errors in parentheses} \\
\multicolumn{13}{c}{ *** p$<$0.01, ** p$<$0.05, * p$<$0.1} \\
\end{tabular}
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